SEBI amends the manner of representation of holding of specified securities under the Listing SEBI (Obligations and Disclosure Requirements) Regulations, 2015

SEBI amends the manner of representation of holding of specified securities under the Listing SEBI (Obligations and Disclosure Requirements) Regulations, 2015

The Securities and Exchange Board of India (“SEBI”) by way of a Circular dated 19th December, 2017 has amended the manner of representation of holding of specified securities in the parent circular dated 30th November, 2015. Regulation 31 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, deals with the disclosure of shareholding pattern and manner of maintaining shareholding in dematerialized format. The amendment has included public shareholder and non-public non-promoter shareholder within the pretext of group required to disclose their shareholding pattern to the SEBI.

The implication of the amendment are as follows:

Prior Position

Post Amendment

Implication

The details of the shareholding of the promoters and promoter group must be accompanied with PAN Number (first holder in case of joint holding). Further, the shareholding of the promoter and promoter group is to be consolidated on the basis of the PAN and folio number to avoid multiple disclosures of shareholding of the same person.

The details of the shareholding of the promoters and promoter group, public shareholder and non-public non-promoter shareholder must be accompanied with PAN Number (first holder in case of joint holding). Further, the shareholding of the promoter and promoter group, public shareholder and non-public non-promoter shareholder is to be consolidated on the basis of the PAN and folio number to avoid multiple disclosures of shareholding of the same person.

In view of the amendment, a public shareholder and a non-public non-promoter shareholder has to provide the details of their shareholding along with their PAN number. Earlier the details of the shareholding had to be given by the promoters and promoter groups only. In addition to the above, the shareholding of the public shareholder and non-public non-promoter shareholder has to be consolidated on the basis of PAN and folio number in order to avoid multiple disclosures of shareholding of the same person.